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Crypto market struggles with downtrend, Ethereum tests resistance

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Crypto market capitalisation rose 6.2% in seven days to $2.57 trillion, approaching the area of this year's highs above $2.7 trillion. Bitcoin's price, like the overall market capitalisation chart, tests the upper boundary of the downward range that has been in force since March.

Upsides of Social Media MarketingCrypto market capitalisation rose 6.2% in seven days to $2.57 trillion, approaching the area of this year’s highs above $2.7 trillion. Bitcoin’s price, like the overall market capitalisation chart, tests the upper boundary of the downward range that has been in force since March.

Ethereum has not abandoned its attempt to overcome $4000, hovering above $3900 early in the day on Monday. The ability to overcome this psychologically important round level could quickly take the price to the highs of November 2021, in the $4600-4800 area.According to JPMorgan, the SEC’s approval of the spot Ethereum-ETF is a political decision ahead of the US presidential election.

Analyst Captain Faibik draws attention to the breakdown of the lower boundary of the “rising wedge” figure on the weekly chart of Bitcoin dominance. In his opinion, it means the beginning of the altcoin season. At the same time, the BTC dominance rate may fall from the current 54% to 45%.

 

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